What is the New Immigrant Home Ownership Program

What is the New Immigrant Home Ownership Program — using stated or declared income?

new-immigrants-arrivals-by-peter rawski

The primary purpose of the program is to assist individuals who have recently received Canadian immigration status but who have not had sufficient time to establish a credit history and perhaps a banking relationship in Canada.

This program allows for the waiving of formal verification of income and employment due to increased equity in the purchase.

New immigrant is defined as follows:

                               A new immigrant is someone with:

                                                       A newly acquired Canadian immigration status

                                                       A Permanent Resident card that shows (on the back of the card) that they became a permanent Canadian resident within the last 5 years

                                                       This does not include United States’ citizens

General requirements

                               Available for single family dwellings up to and including 4 units, condos and townhouses. Property must be prime and well located.

                               Available for purchase — new construction or existing MLS sales and exclusive listing. Not available for private sales and self-builds.

                               Refinance (including equity take-out) (owner-occupied) — Existing mortgage must have been on repayment for 12 months with no arrears in the last 12 months.

                               Equity must come from the borrower’s own assets.

                               Equity coming from outside the country must be on deposit at a Canadian major chartered bank at least 15 days prior to funding.

                                                       The applicant has a satisfactory Canadian credit bureau record or international credit bureau record.


Financial disclosure

                               Declared Canadian or off-shore employment income is acceptable.

                               Investment income generated from investments in Canada is acceptable provided the

                               following criteria are met:

                                                       The investments must be held in Canada.

                                                       The income must be non-registered income.

Maximum loan-to-value is 70%

Call me for more information

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This program is for you if you want:


  • To purchase a home, but you are new to Canada and have yet to establish a Canadian credit history.
  •  A Canadian vacation or investment property and you live outside of Canada or the U.S.
  • Flexible down payment options as a new residents, where you pay a minimum down payment of 30% for conventional mortgages and as little as 5% down payment for high ratio insured mortgages

    Flexible down payments as a non-resident, where you pay a minimum down payment of 40% for conventional mortgages.

  • To make additional payments, with prepayment privileges varying based on product type, but can be as high as 20% of your original mortgage amount annually
  • An increase in your payment amount (principal and interest) of up to 100% at anytime during the term, with the extra payment amount applied directly to the principal, reducing overall costs
  • A longer amortization period of up to 30 years to pay off your mortgage, which can improve your cash flow1


Other Mortgage Details:


  • Payment frequency options of weekly, bi-weekly, semi-monthly or monthly
  • Minimum mortgage amount is $10,000
  • The interest rate quoted when you apply for your mortgage or Pre-Approval Certificate can be guaranteed for up to 90 days



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